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A Texas Instruments employee working in a manufacturing plant. (Courtesy of Texas Instruments Inc.)

An agreement reached today between the United States and China to move forward on talks to eliminate trade tariffs on the latest information technology products could benefit Dallas-based semiconductor company Texas Instruments Inc.

The agreement, reached during the Asia-Pacific Economic Cooperation summit in Beijing, clears the way for a final deal as early as next month. Such a deal would be the first major tariff cuts at the World Trade Organization in 17 years, but officials must decide how quickly tariffs will be phased out.

The Semiconductor Industry Association estimates the value of an expanded agreement at more than $1.4 trillion in world trade a year.

“Lowering barriers to trade advances innovation and more importantly can expand the global economy,” TI CEO Rich Templeton wrote today in a company blog post today. The agreement in effect since 1997 has “driven innovation, boosted productivity, spurred new industries and companies, stimulated job growth and accelerated global economic growth,” he said.

Exports of information and communications technology products have grown from $1.2 trillion in 1997, when the agreement took effect, to more than $5 trillion this year, Templeton wrote in the blog post.

The new Information Technology Agreement would expand the product scope to include next generation semiconductors, static converters and an array of technology products including medical devices and GPS devices, according to the Semiconductor Industry Association. It also would expand coverage for new semiconductor products, including multi-component semiconductors, which would save the industry $150 million to $300 million in annual global tariffs, the industry group estimates.

The change could mean higher sales for U.S.-based companies, such as TI, which design and manufacture those products. Other companies that could be affected include: Intel Corp. in Santa Clara, Calif.; Microsoft Corp. in Redmond, Wash.; Qualcomm Inc. in San Diego; Microsoft Corp. in Redmond, Wash.; and Hewlett-Packard Co. of Palo Alto, Calif.

The accord originally was negotiated to eliminate tariffs on advanced equipment, such as fiber optics, digital copiers and laptops. Talks began in 2012 on expanding the list of products covered to include advanced semiconductors used in “smart’ products, medical equipment and navigation technology.

“The U.S. semiconductor industry has broadened its reach and now employs Americans in most states and regions,” SIA president Brian Toohey said in a statement.

Nationally, semiconductor employment grew 3.7 percent last year from 2010, based on recently released data from the U.S. Bureau of Labor Statistics. By comparison, total U.S. employment rose 1.2 percent in the same time period.

SIA last month estimated direct U.S. semiconductor employment at 244,800. That number includes BLS data plus the trade group’s estimate of jobs in fabless semiconductor design.